La ubicación privilegiada de este pueblo nos permitirá disfrutar tanto del monte como de la playa.The exceptional location of this town will allow us to enjoy both the mountains and the beach.
This means that the noun can be masculine or feminine, depending on the gender of person it refers to (e.g. el doctor, la doctora).
Mary siempre se está quejando, pero es una privilegiada porque se gana la vida haciendo lo que más le encanta.Mary is always complaining, but she's a privileged person because she makes a living out of what she loves most.
privilegiados
A plural noun indicates that there is more than one person, place, thing, or idea.